Performance Evaluation of Gilt Mutual Fund Schemes in India

Kaur, Kamalpreet; Pasricha, J. S.

doi:10.18843/ijms/v5i2(6)/04

Cited by 2 publications

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“…All the funds except HSBC India opportunities Fund showed better performance under the Sharpe ratio as well as Treynor Ratio. Kaur (2014) examined the performance of 23 open-ended debt mutual funds and compared weekly returns to benchmark returns in India from 1 st July 2010 to 30 th June 2011. The average weekly returns were calculated on the basis of percentage change in NAV.…”

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confidence: 99%

An Empirical Study on the Performance of Select Multicap Equity Mutual Funds in India

Kamboj¹,

Jagotra

2018

MUDRA

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Mutual funds are emerging as a popular choice among investors to park their surplus funds in India as exemplified by increasing assets under management (AUM). The study discusses several industry trends such as increase in mutual fund accounts and schemes, changing consumer preferences towards equity mutual funds and the increasing role of retail investors in the overall mutual fund market. While barriers continue to act as deterrents, the overall industry is poised to reach INR20,00,000 crore in terms of AUM by FY18. The study aims to evaluate the annual as well as periodical performance of 5 multicap mutual fund schemes of top 5 asset management companies for the period of five years from 1st April 2012 to 31st March 2017. Taking SandP BSE 500 as the benchmark index, the study computes several absolute and relative performance measures using Sharp and Treynor Ratios along with Jensen Alpha. The study finds that all schemes except HDFC Premier Multicap fund generated higher risk adjusted returns than the benchmark index. Birla Sunlife Equity fund emerged as the best performer with higher average returns and lower risk.

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Section: Introductionmentioning

confidence: 99%

An Empirical Study on the Performance of Select Multicap Equity Mutual Funds in India

Kamboj¹,

Jagotra

2018

MUDRA

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Predicting the relative performance of actively managed equity mutual funds using diverse performance evaluation techniques

Damani

Vaidya

2021

COC

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Mutual fund performance evaluation has seen an ever-growing interest for research amongst industry and academicians alike. In this paper an attempt has been made to compare and correlate global actively managed equity mutual funds’ performance across time intervals, to evaluate and establish how predicting future performance can be made meaningful for investors using analysis of historical data based on monthly net asset values (NAVs) (March 2009–March 2021). Of the top 500 global equity mutual funds based on market-cap (on March 31, 2021), the paper evaluated 180 actively managed funds adding up to approximately USD 5 trillion of the fund assets as of March 31, 2021. The research gap which the paper aims to fill is to bring under one umbrella, prediction analysis using performance measures, downside risk measures, style factor analysis, and market timing models. For sampled equity funds various performance ratios and style attributes were computed and compared across periods for their relative performance. Relative performance was found to be stable (at 1% significance level) across periods and hence predictable. A portfolio of funds constructed optimally using historical performance was seen to be in the top quartile ex-post performance in the subsequent period. However, it was found that the market timing abilities of fund managers were unstable across periods and could not be used for predicting performance. Based on the study findings, it would be appropriate for investors to use the relative past performance of the funds and their style attribute analysis for the future allocation of investible surplus across these funds

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Performance Evaluation of Gilt Mutual Fund Schemes in India

Cited by 2 publications

References 1 publication

An Empirical Study on the Performance of Select Multicap Equity Mutual Funds in India

An Empirical Study on the Performance of Select Multicap Equity Mutual Funds in India

Predicting the relative performance of actively managed equity mutual funds using diverse performance evaluation techniques

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